What is the “Right” Price to Offer?

In this current market environment that lacks inventory and creates bidding wars, my buyers keep asking me…what is the “RIGHT” price to offer on a home?

There are a many ways to analyze a property and the offer. My mother, also a Realtor for 20+ years, has a saying: ” If you sleep on it, you won’t sleep in it.”

Spreadsheets and analytics make number sense and help a buyer feel smart about their offer. But this is a supply and demand market, trying to find the “right” price is not as simple as just looking at “Sold” comparable homes.

Two houses…one in the Houghton neighborhood of Kirkland (pictured above) an one in “Talus” in Issaquah (pictured below). Both had multiple offers. Both sold over list price.

“Comparables” or Comps as we sometimes say, are hard to come by and using data and spreadsheets and numeric logic neglects to recognize the emotional draw of home. For instance:

The flat grassy lawn where the kids can play

A fabulous open dining and living room that lends itself to better dinner party entertaining

Floor to ceiling windows that offer mountain views even on the grayest Seattle days

A quiet cul-de-sac location with close proximity to parks and trails for walking the dog

Elbow room in the Master Bathroom

Do these things translate to a dollar value even if there are not CURRENT comps to compare it to? The answer is yes.

Pictured above: Huge backyard with horseshoes, tree house and swing set my buyers fell in love with in Kenmore.

The value is in the eye of the beholder. The question is, who wants to live in the house the MOST?

I just don’t want to see a buyer lose the home of their dreams over a spreadsheet.

I’m Georgia. My friends call me Peach. And I live in Kirkland where I work on behalf of both buyers and sellers in Real Estate since 2003. Follow me @KirklandPeach.